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Topic: Behavioural economics

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In the News (Mon 18 Feb 19)

  Behavioral finance - Wikipedia, the free encyclopedia
Economics Nobel Laureate Daniel Kahneman, was an important figure in the development of behavioral finance and economics and continues to write extensively in the field.
The fields are primarily concerned with the rationality, or lack thereof, of economic agents.
In general, behavioural economics sits within the neoclassical framework, though the standard assumption of rational behaviour is often challenged.
en.wikipedia.org /wiki/Behavioural_economics   (1900 words)

 Quadrant - Economics, Experiments and Psychology
Indeed, the 1990s saw the term “economic rationalist” often used pejoratively to describe the “unfeeling technocrats” who were perceived to dominate university economics departments and Canberra’s halls of power.
Among US economists, behavioural economics has been more widely recognised at the “saltwater departments” (those in the coastal universities of Harvard, MIT, and Berkeley) than the “freshwater departments” (those on the great lakes, such as the Universities of Chicago and Minnesota).
Until now, experimental economics and behavioural economics have been closely linked, but their very success may be leading to divergent paths.
bpp.wharton.upenn.edu /jwolfers/Press/EconomicsQuadrant.htm   (1401 words)

 Wageningen UR - Wageningen University - Economics of Consumers and Households
The standard approach in economic research is the development of a model in which the actors react to stimuli, i.e., prices, expected utility of certain actions, etc., aimed at reaching particular goals.
In this approach, behaviour of consumers, households and other actors is explained on the basis of a trade-off between (perceptions of) costs and benefits.
Behavioural Economics is becoming increasingly popular, and Daniel Kahneman, one of the founding fathers of this area, has obtained the Noble prize (2002) for developing research in this area.
www.ech.wur.nl /UK   (317 words)

 Behavioural Finance Glossary
We think that a certain behaviour leads to a desired effect, even when we know of no explanation and when there is in fact none.
An element of a culture or system of behaviour that may be considered to be passed from one individual to another by non-genetic means, especially imitation.
The attraction of behavioural finance is that humans often depart from rationality in a consistent manner.
www.behaviouralfinance.net /glossary.html   (2791 words)

 Faculty of Business and Economics - Monash University
Economics Professor Mathew Rabin, from the University of California, Berkeley, is recognised as one of the leading experts in behavioural economics.
He is well-known for incorporating insights from psychology into mainstream economic methods to develop formal models of fairness and risk preferences, biases in predicting preferences, and procrastination and other forms of self-control problems.
For his pioneering work in behavioural economics, he was awarded the MacArthur Foundation Fellowship (the Genius Fellowship) in 2000, and the John Bates Clark Medal by the American Economic Association in 2001.
www.buseco.monash.edu.au /news/2005/rabin.php   (205 words)

 Behavioural Finance
Within behavioural finance, the actions and motivations of individuals within financial markets are examined under a closer light.
Individuals participating within the market exhibit common forms of behaviour at all times, this article will explain certain forms of behavioural forces which face trading and investing individuals.
Recent evidence suggests that investors and experimental subjects exhibit behaviours that are somewhat at odds with the predictions of traditional economic and financial theory.
www.stator-afm.com /behavioural-finance.html   (762 words)

 Postgraduate Information - Courses
The course is specifically designed to train students in the use of analytic and quantitative methods in examining economic issues, and to provide research training of the level required to proceed to a PhD programme in Economics.
The programme is the ideal route for high calibre graduates of economics intending to undertake PhD research in behavioural or experimental economics.
Economic Growth is the only required module, to allow fairly unrestricted choice from the wide range of applied modules, including labour economics, experimental economics and trade.
www.nottingham.ac.uk /economics/ps/postgraduate/courses.htm   (942 words)

 All in the Mind: 27 November  2004  - Money and the Mind
Call it behavioural economics or the psychology of spending, all of us, whether we know it or not, take our emotions, eccentricities and idiosyncrasies to the cash register.
Someone once said that science marches on funeral by funeral and the behavioural approach to studying economics is very popular among economists in their 20s and 30s, and they’re the future of economics.
If it wasn’t systematic, if the errors were just random then the economic model would on average be right, it’s the fact that the behaviour’s systematically different from the rational model that gives behavioural economics its leg up.
www.abc.net.au /rn/science/mind/stories/s1251708.htm   (4022 words)

 ECON 389 Course Outlines - Fall 2004
This course introduces students to behavioural economics through consideration of a number of economic anomalies.  An anomaly is fact or observation that is inconsistent with theory.  Specifically, the economic theories in question assume that self-interested individuals act in a fully rational manner.
Behavioural economics extends traditional economic theories by incorporating insights into human behaviour derived from psychology and sociology.  Behavioural economics investigates outcomes of economic interactions in which some of the individuals involved are characterized by limitations and complications not typically accounted for in the standard model of a rational decision maker.
The behavioural patterns studied in this subject include judgment biases, framing, loss aversion and anchoring, preference reversals, fairness, negative reciprocity and social preferences.  Research techniques emphasized in behavioural economics, such as experimental methods, will also be discussed.
www.sfu.ca /economics/053co/econ389.htm   (262 words)

 Search Results
This briefing summarises the behavioural economics approach and contrasts it with neoclassical economics, where the assumption is made that humans are rational and maximise their individual self-interest.
Standard (neoclassical) economic analysis assumes that humans are rational and behave in a way to maximise their individual self-interest.
This briefing distils many concepts from behavioural economics and psychology down to seven key principles, which highlight the main shortfalls in the neoclassical economics model of human behaviour.
www.neweconomics.org /gen/z_sys_publicationdetail.aspx?pid=213   (199 words)

 AGSM 2006 - The lessons of behavioural economics
Clearly there are limitations to the way in which traditional economic theory views human behaviour – which has given rise to a large and growing body of scientific work called behavioural and experimental economics.
The Royal Swedish Academy of Sciences’ information on the Nobel Prize in economic sciences states: “If deviations from rationality and self-interest were small and purely idiosyncratic, they would on average cancel out and economic theory would not be too wide off the mark” when predicting human behaviour.
Her exploration of personality psychology and decision-making has lessons for a whole range of business activities – from forming and managing effective teams, and structuring incentives so that individuals conform to organisational goals, to identifying who is likely to be trustworthy and who is not.
www2.agsm.edu.au /agsm/web.nsf/Content/AGSMMagazine-behaviouraleconomics   (3214 words)

 316-337 Behavioural Economics
Behavioural economics extends traditional economics by incorporating insights into human behaviour derived from psychology and sociology.
The behavioural patterns studied in this subject include judgement biases, mental accounting, framing, loss aversion and anchoring, present-biased preferences, fairness, negative reciprocity and visceral influences.
Applications of behavioural economics to both microeconomic and macroeconomic topics will be considered, such as self-control, wage rigidity and involuntary unemployment, social capital and the equity premium puzzle.
www.unimelb.edu.au /HB/subjects/316-337.html   (213 words)

 Public Economics: Applied behavioural public economics [VV-AEC] - UvA Course catalogue - Course description
Extension and deepening, particularly in an applied and behavioural direction, of the knowledge obtained in the core course.
In this course, which builds upon the understanding developed in the core course of public economics, this process is studied from two angles.
This will be related to the new field of behavioral economics, which is on the interface of psychology and economics.
studiegids.uva.nl /web/sgs/en/c/6632.html   (341 words)

 The Economist Shop : Advances in Behavioural Economics
It is well represented in prominent journals and top economics departments, and behavioral economists, including several contributors to this volume, have garnered some of the most prestigious awards in the profession.
Among the 25 articles are many that update and extend earlier foundational contributions, as well as cutting-edge papers that break new theoretical and empirical ground.
Advances in Behavioral Economics will serve as the definitive one-volume resource for those who want to familiarise themselves with the new field or keep up-to-date with the latest developments.
www.bookshop.economist.com /asp/bookdetail.asp?book=1759   (171 words)

 SFB 504 glossary: Behavioral economics   (Site not responding. Last check: 2007-10-12)
In neoclassical economic theory, it is assumed that decision makers, given their knowledge of utilities, alternatives, and outcomes, can compute which alternative will yield the greatest subjective (expected) utility.
Research in behavioral economics has adopted specific methodological approaches that complement traditional statistical and econometric tests of economic models.
For example, experiments are commonly used in behavioral economics, and survey data are also becoming more important in the process of learning about individuals' actual decision-making processes.
www.sfb504.uni-mannheim.de /glossary/behave.htm   (205 words)

 ENABLE: European network for the advancement of behavioural economics   (Site not responding. Last check: 2007-10-12)
The general objective of the research programme of this network is to enrich the understanding of economic behaviour and the functioning of markets, organisations and institutions, by bringing psychology and economics closer together.
This is to be achieved through: (1) the generation of robust evidence on the psychological determinants of economic behaviour, (2) the incorporation of these behavioural principles into rigorous economic models, and (3) the elaboration and empirical testing of the (welfare) economic consequences that can be derived from these models.
Bringing together excellent researchers from both disciplines, economics and psychology, as well as theoretical and experimental expertise within the framework of an RTN could thus produce substantial scientific returns.
www.aramis-research.ch /d/19062.html   (294 words)

 University of Calgary Behaivoural and Experimental Economics Laboratory - CBEEL
University of Calgary Behaivoural and Experimental Economics Laboratory - CBEEL
University of Calgary Behavioural and Experimental Economics Laboratory
The University of Calgary Behavioural and Experimental Economics Laboratory is dedicated to the study of individual decision-making and market and organizational institutions.
www.cbeel.ucalgary.ca   (180 words)

 Economics, NUI Galway: Research centres and units (via CobWeb/3.1 planetlab2.isi.jhu.edu)   (Site not responding. Last check: 2007-10-12)
The research unit focuses the interaction of economic forces and environmental demands in a rural development context, considering the public goals of land management rather than private production and defining sustainability in a broad context.
ESPRU integrates research in the broad areas of economic policy, social policy and public policy within in the Department of Economics, NUI, Galway, with a view to expanding peer-reviewed published research by members of the unit.
The recently-established Centre has a multidisciplinary research programme, which is focused on economic and social aspects of ageing.
www.economics.nuig.ie.cob-web.org:8888 /resrch/centrelist.php   (366 words)

 Inderscience Publishers Ltd.   (Site not responding. Last check: 2007-10-12)
The emergence of behavioural economics has revealed a number of insights into real-world economic and business phenomena by integrating elements of economic theory and experimental psychology.
So far, the behavioural economics research agenda has concentrated on the empirical validity of foundational assumptions and on providing new descriptive accounts of anomalous patterns that are difficult to explain using traditional neoclassical techniques.
The goal of this special issue is to help bridge the gap between behavioural economic theory and its normative application in business decision making and applied economic policy analysis.
g.msn.com /9SE/1?http://www.inderscience.com/browse/callpaper.php?callID=142&&DI=6244&IG=a92426ff79e04f7d8183a6b0df71b4ca&POS=5&CM=WPU&CE=5&CS=AWP&SR=5   (489 words)

 European Network for the Advancement of Behavioural Economics
During the last two decades a growing number of empirical studies have revealed widespread violations of key assumptions that underlie conventional economic theory, violations which result in outcomes that are markedly different from those generated by the conventional theory.
The proposed network aims to advance this emerging field of behavioural economics in Europe and provide high quality training and a transfer of knowledge to young researchers just entering the field.
The network will facilitate the development of a critical mass of the brightest young researchers by concentrating the currently highly fragmented expertise in Europe.
www.cepr.org /research/networks/enable   (195 words)

 'Behavioural economics' explains all
According to a branch of economics theory, psychology can explain many of our irrational, self-sabotaging shopping habits.
Behold: "behavioural economics," the subject of this month's Harvard Magazine cover story.
"Behavioural economics" is the study of the economic decisions people make and the conflict between those decisions and conventional economic theory, as the Harvard article explains:
www.cbc.ca /consumers/market/murmurs/archives/2006/20060314_behavioural.html   (372 words)

 UEA : School of Economics
Economics at UEA is rated excellent in teaching quality assessment, scoring 23 out a maximum 24 points (source: Quality Assurance Agency).
The School of Economics is the focus for economics at UEA, but economics and related subjects are also represented in other parts of the university.
Prospective graduate students should note that the School of Economics holds 1+3 recognition from the ESRC for its MSc courses in Economics, Environmental Economics, Experimental Economics, Industrial Economics, Finance and Economics and Political Economy.
www.uea.ac.uk /eco   (342 words)

 Behavioural Finance and Aggregate Market Behaviour: Where do we Stand?
Advocates of behavioural economics and finance argue that economic agents behave in a way which departs significantly and systematically from the axioms of expected utility theory.
In particular, the anomalies are categorised into (i) those derived from cognitive limitations (bounded rationality), (ii) those determined by the interference of agents’ emotional state, (iii) those determined by choice bracketing, and (iv) those which suggest that a pre-determined set of preferences does not exist altogether.
Moreover, prospect theory is surveyed in particular detail, as it has become a serious challenger to expected utility in economics and finance due to the empirical support, its mathematical tractability and its being consistent with rational expectations.
ideas.repec.org /p/lec/leecon/02-10.html   (408 words)

 Oxford University Press: Explorations in Pragmatic Economics: George Akerlof   (Site not responding. Last check: 2007-10-12)
In abandoning the perfect-competition benchmarks of classical economics, the pragmatic modern economics championed by Akerlof has provided deep insights into markets, identity, discrimination, motivation, and work, and into behavioural economics in general.
Divided into two broad areas, micro- and macroeconomics, they cover the economics of information; the theory of unemployment; macroeconomic equilibria; the demand for money; psychology and economics; and the nature of discrimination and other social issues.
Akerlof's substantial introduction to this volume tells the story of these papers, connecting them and showing how his later work has built upon his early contributions, in many cases improving their arguments, their subtlety, and their usefulness today.
www.oup.com /us/catalog/general/subject/Economics/Theory/?ci=0199253900&view=usa   (252 words)

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